Countries seminar: "Discover the business potential of Thailand and Indonesia"

The Chamber of Commerce of the Grand Duchy of Luxembourg, in close cooperation with the Embassies of Thailand and Indonesia in Brussels, will organise a seminar covering both countries on Wednesday 4th of July 2018. The main purpose of this event is to let you discover the potential of these two Asian markets in view of a multi-sectoral trade mission in October.

Thailand and Indonesia are part of the Association of Southeast Asian Nations (ASEAN). With a population of more than 640 million people and a combined GDP of $2.57 trillion, ASEAN is the world’s third fastest growing economy, only behind India and China. The economic size of the 10 ASEAN member countries combined is larger than that of Brazil and Russia, and will compare to the size of India’s economy in the coming years.

Last year, Indonesia’s GDP growth rose to 5.2 %, its highest growth rate in four years and the outlook continues to be positive. Strategically positioned along major sea lines connecting East Asia, South Asia, and Oceania, Indonesia holds a natural appeal for foreign investors. Aside from its geographical reach to major international markets, the country houses over 250 million people offering a considerable domestic market. In addition, the country has relatively low wages, which provide a cost-effective source of manpower for investors. According to BKPM (investment service agency), from all of Indonesia’s business sectors, the tourism and digital economy sectors remain the most promising. The government has been proactive in supporting both sectors through a number of policies, such as increasing visa-free travel to Indonesia to 170 countries and the national campaign to promote various new travel destinations, while implementing numerous infrastructure development projects. The advancement of digital economy, supported by the thriving emerging middle-class, will spur Indonesia’s economic growth. Furthermore, the communication and information services sector has grown year-on-year by 9.8% and the transportation and logistics sector has increased by 8.25 %.

Thailand’s economic growth reached 4% last year, the best growth performance since 2012. The country boasts of strong economic fundamentals: steady inflation and interest rates, low unemployment, and reasonable public and external debt level. The growth momentum is expected to continue in 2018 and 2019. Moreover, the National Strategic Plan (2017-2036) places the emphasis on competitiveness through the development of rail, road, airport, and electricity infrastructures. In that context, Thailand has recently approved a law for the development of its Eastern Economic Corridor (EEC) under scheme of Thailand 4.0 aiming to revitalize and enhancing of the well-known Eastern Seaboard Development Program that had supported the country as a powerhouse for industrial production for over 30 years. This initiative will speed up development of infrastructure projects in the corridor and ease regulations for investment in the area, including permitting foreign ownership of land for specific investments, which is otherwise banned in the country.

This event will be enhanced by the presence of H.E. Manasvi Srisodapol, Ambassador of Thailand to Belgium and Luxembourg, Head of Mission of Thailand to the European Union and H.E. Yuri Octavian Thamrin, Ambassador of Indonesia to Belgium, Luxembourg and the European Union. It is open to all sectors of activities. The program of the countries seminar will include presentations of the business opportunities for Luxembourgish companies, tips on the cultural and business approach, a testimonial of a Luxembourgish company already active in the region, as well as a brief introduction to the EU-funded initiative “EU Gateway | Business Avenues” helping European companies to establish long-lasting business collaborations in Asia. Also, as part of the program, companies will have the possibility to participate in a panel discussion about finance with Indonesian and Luxembourgish stakeholders and meet Indonesian companies during bilateral meetings, upon request.

Interested companies are kindly requested to duly complete the online registration form before Friday 29th of June at the latest. Business meetings will be fixed on a first come, first served basis. For further information about this upcoming event, feel free to contact Mrs. Sabrina Aksil/Na Shi (Tel: 42 39 39-374/364) - E-mail: asia(at)cc.lu.